45 replies to this topic

[northernbizzkit1]

The pdf without the garages or B&N show an update time of sometime in May while the former one including B&N and the garages show an update of sometime in July...so maybe they're back in

[tennreb]

northernbizzkit1, on Sep 20 2007, 08:17 AM, said:

The pdf without the garages or B&N show an update time of sometime in May while the former one including B&N and the garages show an update of sometime in July...so maybe they're back in

I think they would be pretty stupid to take such a valuable piece of land and cover it with parking when it has the potential to collect the highest rents in the city.

[northernbizzkit1]

tennreb, on Sep 20 2007, 10:20 AM, said:

I think they would be pretty stupid to take such a valuable piece of land and cover it with parking when it has the potential to collect the highest rents in the city.

agreed...had forest hill plaza not been in the works, this would have been a fantastic spot for a truly upscale shopping area

[jmduke]

MBJ reports some scaling back of the original plans:  http://memphis.bizjo...tml?jst=b_ln_hl

[jmduke]

MBJ reports the first anchor, Target, will be opening in March 2009:  http://memphis.bizjo...24/daily22.html.  Still no word on other junior anchors, restaurants, or outparcels.
Weingarten's site plan still shows a Best Buy on the property.

Edited by jmduke, 27 November 2008 - 08:15 AM.

[James Owen]

More new restaurants and retailers have been named for the Ridgeway Trace development, including a Genghis Grill, Panera Bread, and Logan's Roadhouse, per the Memphis Business Journal:

http://memphis.bizjo...1649600^3197001

The article also makes mention of the former Bennigan's and Cozymel's spaces being marketed to new tenants.

Quote

National retailers land in Poplar corridor center; Four new tenants head to Ridgeway
Memphis Business Journal - by Andy Ashby

Weingarten Realty Investors’ Ridgeway Trace Center at Poplar and I-240 is showing that national retailers are still looking for opportunities in high traffic areas, especially in the coveted Poplar corridor.

The Houston-based commercial owner, manager and developer is filling out its 350,000-square-foot East Memphis project with four leases in three new outparcel buildings, including the first restaurants at the site.

Genghis Grill, a fast-casual Mongolian stir-fry restaurant, has chosen a 3,400-square-foot space at the property for its first Tennessee operation. The Dallas-based company has more than 40 locations nationwide.

Also, Panera Bread Co. will occupy 4,000 square feet and Mattress Firm Inc. is leasing 3,750 square feet for a showroom.

Weingarten Realty is building a pair of 11,250-square-foot outparcel buildings to house these retailers, while the tenants will handle their own build-outs.

Dallas-based O’Brien Architects Inc. is designing the buildings; a contractor has not yet been selected.

Finally, Nashville-based Logan’s Roadhouse is building its own free-standing 6,533-square-foot building at the shopping center as well.

All four retailers are expected to open for business by the fall.

Danny Buring, managing broker of the Shopping Center Group LLC, represented Logan’s Roadhouse and Panera Bread in negotiations. He says retail leasing is still slow, except in key areas.

“But if there is ever a market starting to recover, it’s going to be Poplar Avenue,” he says. “It’s the best corridor for restaurants in our market.”

John Reed, a retail broker with the Shopping Center Group, represented Mattress Firm in its lease negotiations, while Ryan Eastman, an associate of J&B Commercial LLC, represented Genghis Grill.

William E. Coats, regional development director with Weingarten, represented the landlord in negotiations.

Ridgeway Trace’s major tenants include Target Corp., Best Buy Co. Inc., The Sports Authority Inc. and PetSmart Inc.

Buring says companies are taking advantage of the economy by getting into prime locations they normally wouldn’t or couldn’t.

“It’s still great real estate, but it’s slowed down the growth for national brands so that others can step in and get some real estate,” he says. “They’re going to be the beneficiary of it.”

The average asking lease rate for East Memphis, Germantown, Cordova and Collierville was $13.94 per square foot in fourth quarter 2009, according to Memphis Business Journal’s retail real estate leasing guide.

This was down 1% compared to $14.07 in third quarter 2009.

In addition to the Ridgeway Trace outparcel developments, other new retail openings are available along the Poplar corridor in East Memphis.

Dallas-based Food Friends and Co. closed the free standing 9,400-square-foot Cozymel’s Mexican Restaurant at 6450 Poplar in April.

Bailey Wiener Jr., principal broker at retail sales and leasing company Wiener Realty, is listing the free-standing, 6,700-square-foot former Bennigan’s space at 5336 Poplar.

Plano, Texas-based Bennigan’s filed for Chapter 7 bankruptcy in 2008.

Although he has yet to sign a tenant, Wiener says interest in the space has been relentless.

“I get probably 10 calls a day,” he says.

The Ridgeway Trace development and interest in open retail spaces along Poplar is a testament to the corridor, according to Wiener.

“Just north and south of Poplar are some of the best demographics in Memphis,” he says.

Weingarten’s demographic information for Ridgeway Trace confirms this.

Within two miles of that site, there are 29,450 people with an average household income of $100,571.

That income drops to $86,064 within three miles and $71,844 within five miles.

Wiener says retail leasing is location driven, which explains the activity on Poplar.

“Also, I think there are some chains taking advantage of the climate right now because you can get a pretty good deal right now,” he says.

Quality leasing and infill opportunities inside the I-240 loop, such as Ridgeway Trace, are being driven by lack of options.

“I think inside the loop is probably under-retailed,” Wiener says. “A Wal-Mart or Target back in town would probably be a huge hit.”